Going to college can be incredibly expensive. In fact, most students in 2015 are graduating from college with a burdensome debt of $29,000+. For those who choose to pursue doctorate degrees, it’s not uncommon to graduate with $100,000+ in student loan debt. Fortunately, there are a few tips college students can follow to save as much as money as possible to put toward their student loans. It’s important to remember that the quicker the loans are paid off, the less the amount of interest that will have to be paid in the long run. Here’s a look at three ways students can save money on their health insurance.
Stay on a family plan
A family health insurance plan usually allows children to stay on their parents’ policies until they are 26 if they are in college. Most policies don’t care whether or not you are enrolled full- or part-time just as long as you are actively working toward a degree. By staying on your parent’s plan, you can save thousands of dollars in insurance premiums over the course of your college endeavors.
Buy a plan through your school
Did you know that your college more than likely offers its students health insurance. Since these plans offered at a group rate, you’ll enjoy a nice discount on your premiums.
Purchase an individual plan
Keep in mind that the ACA mandates that you have insurance, so if you don’t stay on your family’s plan or buy a plan through your school, you will need to purchase an individual plan through your own service provider. Make sure you mention that you are a college student because this will likely qualify you for a 10 to 20% discount.
To learn more about staying in compliance with the ACA as a college student, visit the XL Brokerage Inc. website today.